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WWR Article Summary (tl;dr)Sofia Fund is named after the Greek goddess of wisdom, as the partners want to provide wisdom, resources, knowledge and experience as well as dollars to women.

Star Tribune (Minneapolis)

The women behind the 20-year-old Sofia Fund and its predecessor fund say they are no “angels.”

Rather, they operate as a cross between individual “angel” investors and venture capitalists, with a long-term outlook.

Their investors are individuals, not institutions, and they work “side-by-side” to connect women-led portfolio companies with resources to deliver good returns through sales for investors.

Their returns have been above average. They assert that the “average woman-owned business makes 20 percent more revenue with 50 percent less investment than other companies.”

Cathy Connett, one of the firm’s longtime managing partners, said Sofia Fund is now on its second fund, of $5.5 million.

The funds’ winners over the years have included Tactile Medical, now one of Minnesota’s hottest public companies; Rebiotix, Xiotech, CEB-Iconoculture, Coolibar and Magnet 360, which were sold after years of local incubation.

Connett responded to questions on behalf of Sofia Fund.

Q: Tell me about Sofia and its purpose.

A: The objective was to bring funding to women-led businesses that were not getting access to capital and to bring more women into investing. Sofia Fund is named after the Greek goddess of wisdom, as the partners want to provide wisdom, resources, knowledge and experience as well as dollars. Sofia Fund now operates its second fund, a $5.5 million fund. Three of the current partners, Cathy Connett, Joy Lindsay and Dee Thibodeau, were involved from the beginning. Lisa Crump, a co-founder of the 3-D printing technology company Stratasys, joined us in 2006.

Q: Why is a women-led fund that invests in companies with diverse leadership important?